President Barack Obama has signed H.R.8, the American Taxpayer Relief Act of 2012, which, among many other tax-related and economic provisions, extends the production tax credit and investment tax credit for wind energy for one year.

Under the legislation, wind energy projects must begin construction by Jan. 1, 2014, in order to receive the $0.022/kWh incentive. The law also extends the investment tax credit for projects that begin construction before Jan. 1, 2014.